The State of Liquid Staking, GOOSE-2, and Lido v3 | Hasu

10 snips

Dec 27, 2024

In this discussion, Hasu, a prominent figure in the Ethereum ecosystem, delves into liquid staking's transformative role in the crypto space. He analyzes the challenges posed by centralized exchanges and regulatory concerns while advocating for Lido's innovative, modular architecture. The conversation touches on institutional staking trends and Ethereum's contentious issuance debate, emphasizing decentralized governance and the evolving landscape of staking products. Hasu also teases the upcoming GOOSE-2 proposal, hinting at exciting developments for Lido v3.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Liquid Staking Adoption

Liquid staking adoption on Ethereum differed from initial expectations, with early assumptions of rapid market dominance proving incorrect.
Factors like the merge, execution rewards, and MEV boost democratization contributed to a complex staking landscape.

INSIGHT

Market Fragmentation

The rise of restaking and institutional staking further fragmented the liquid staking market, challenging Lido's dominance.
Institutional players introduced narratives around regulatory compliance, potentially leading to market capture.

INSIGHT

LSTs and ETFs

Staked ETH offers a low-risk yield, making it attractive for ETFs seeking higher returns to lower expense ratios for customers.
LSTs in ETFs increase the "size of the door," enabling higher ETH staking and reduced withdrawal friction.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

In this episode, Hasu joined us to discuss the state of liquid staking today, Ethereum’s issuance debate, and Ethereum’s North Star. We also unpacked Hasu’s GOOSE-2 submission, and all that it would entail. Finally, Hasu left us with some teasers for Lido v3!

Thanks for tuning in!

Resources

Is Liquid Staking Winner Take All? https://youtu.be/8V55eQOG2L8?feature=shared

Unlocking Institutional Ethereum Staking: https://app.blockworksresearch.com/research/unlocking-institutional-ethereum-staking-a-survey-of-industry-leaders

Uncommon Core: Ethereum’s Staking Endgame: https://x.com/UCC2_xyz/status/1771145475497804193

Hasu’s GOOSE-2 Submission: https://research.lido.fi/t/hasus-goose-2-submission-a-product-line-approach-to-grow-lido-s-staking-ecosystem/8841

Uniswap Labs is running a $15.5 million bug bounty for critical bugs found in Uniswap v4, the largest bug bounty crypto has ever seen!

This bug bounty follows nine independent audits of the protocol, and aims to make it one of the most rigorously reviewed codebases ever deployed to Ethereum.

You’ll find all the information you need about the bug bounty, from eligibility and scope to, of course, details about rewards and prize payouts in the following link: https://v4.uniswap.org/?utm_medium=podcast&utm_source=bellcurve&utm_campaign=11-24-v4

Follow Hasu: https://x.com/hasufl

Follow Mike: https://x.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

Timestamps:

(0:00) Introduction

(1:53) The State of Liquid Staking Today

(9:47) Institutional ETH Staking & Centralization Concerns

(25:03) Ethereum's Issuance Debate

(40:42) Ethereum's North Star

(1:05:02) Uniswap Ad

(1:05:56) Overview of GOOSE-2

(1:17:09) The stETH Product Line

(1:27:41) LDOs Evolution

(1:40:54) Teasing Lido v3

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.